After home prices nationwide reached historic highs, the housing industry was put under much-needed pressure by skyrocketing interest rates over most of 2022. However, mortgage rates gradually decreased from December to the beginning of February. Even so, there is still disagreement among economists on whether housing prices will begin to decline in 2023. The overall housing supply in the country is still restricted. Additionally, the ongoing inventory issue was exacerbated in December by a decline in new house development. Since there is a lack of supply, prices have not decreased significantly, leaving homes out of reach for many people, particularly first-time buyers. Home prices are still high year over year (YOY), but they aren’t as startling as they were at the beginning of 2022. However, the direction mortgage rates take will probably determine how much home values fall in 2023. For investors wishing to diversify their portfolio and generate monthly […]